price has met lots of resistance, as soon as the price broke down people piled into shorts.
the break of the first 2 black lines created the momentum for a cascading event.
once the 3rd black line broke spot sellers fear new lows have stops triggered cascading the price down thru the blue lines.
big money had bids at the old lows in the yellow box and price consolidated above that.
the actual was huge everywhere. that is real . but it was emotional retail .
it was people covering, fearing new lows. these people don't let go of shorts in profit. and they opened them in a meltdown.
so today when the price broke above the the first blue line all those people had to cover and or buy back their positions.
because there was so much on the way down that resulted in loads of to cover those unclosed positions on the way up.
big money put bids in the yellow box. consolidated it. a momentum ignition move squeezed the people shorting the consolidation. then that squeeze move provided the momentum for meltup.
once the price started breaking thru the blue boxes people/bots took breakout longs.
this move makes total sense when examining the data of the week prior.
no fud, just algos and retail at work, and the proves it.